The 2023 market rebound is enabling some crypto companies to explore an option that appeared off the table just six months ago: trying to go public, the Wall Street Journal reported. Bitcoin-mining company Bitdeer Technologies listed on the Nasdaq last month after merging with a special-purpose acquisition company, or SPAC, a blank-check company so called for its use in helping businesses access public markets with fewer strings attached. Blockchain company Chia Network recently took another step toward going public, while cloud-mining company BitFuFu and crypto cash-machine company Bitcoin Depot are working on plans to go public via SPAC mergers. The rush of small crypto companies toward public markets seemed like a long shot when 2023 started, after the second half of last year brought a string of high-profile bankruptcies and a crash in the prices of bitcoin, ether and other digital currencies. But this year has brought a sustained rebound in the riskiest assets across markets, from crypto to technology stocks, thanks in part to a crest in the long-term interest rates whose rise last year rattled Wall Street. The banking crisis that started in March fueled a fresh rally in digital currencies by raising new questions about the fragility of the economy and financial markets.
